It's going to re-define its very urban landscape due to colossal changes in infrastructural approaches that the city is going to go through while approaching toward 2025. From India's fully functional underground metro, its biggest greenfield expressway in India, to completely resurfacing more than 50 per cent of city roads and the highly-anticipated second airport, this new infrastructure reflects that shift, both in connectivity, but has an overwhelmingly significant impact on retail real estate. It's opening up opportunities and restructuring avenues of retail spaces within one of the most vibrant cities in India.
The underground metro network will transform the face of Mumbai. The various lines will connect parts of the city, cutting travel time and congestion by half. Accessibility will be much improved, making the new emerging suburban areas even more attractive for retailers and shoppers alike. More footfall in retail spaces close to metro stations will spur the demand for commercial real estate in those areas.
Greenfield expressway is going to transform the road connectivity in all the ways because Mumbai is going to get interconnected with all other small cities and other areas much more effectively. The area of catchments for retailers is expanded, and there is more inflow of potential buyers. Investments in retail business hubs on the sides of the greenfield expressways increase due to better access by the business companies.
One of the major drivers for retail real estate growth would be the much-awaited Navi Mumbai International Airport. After nearly 82 years since the advent of the city's first airport, the development was due to come up in some way. Just as the airport has evolved to become more than just a means of transport, it is slowly turning into retail destinations in the form of premium shopping, dining, and entertainment. It will attract high-end international and domestic brands, further creating a healthy market for luxury retail and duty-free shopping.
In addition to this, other areas around the airport are going to see rapid retail and commercial development. Improvement in air connectivity will make a global brand place its flagship in Mumbai as well, which, in turn will elevate the level of retail within the city.
Resurfacing more than half of the roads in Mumbai are the other steps for infrastructure modernisation, along with the makeover of the city. Roads facilitate easy transportation and make transportation routes more accessible and attractive to retailers. For high streets and shopping centers, it would be absolutely vital as easiness in accessing is also deemed to be a significant success factor.
In conjunction with these developments, retail real estate developers now frame their approach by creating the most vibrant forms of ecosystems-a shopping, dining, entertainment, and community-space fusion. New forms of retail space, known as mixed-use developments-integrating spaces for retail operations with residential or office complexes-will continue in growth because convenience and experience characterize the modern customer's behavior.
The infrastructure revolution is opening up new retailing destinations in suburban and peripheral locations. What were once considered secondary markets are now becoming prime real estate destinations: Navi Mumbai, Thane, and Kalyan-Dombivli. Retail developers will now seek to exploit the increasing residential and commercial demand in these areas, driven by improvements in connectivity and infrastructure.
Along with attracting large malls and high-street retail to these hubs, it is also allowing for smaller, localised retail spaces. This diversified retail landscape therefore allows businesses of all scales, from multinational brands to local entrepreneurs.
Mumbai infrastructure transformation is thus more than just a city upgrade but a blueprint of future urban growth. The metro, expressway, new airport, and road improvements are not only enhancing the city’s connectivity but also laying the foundation for a thriving retail real estate sector. By improving accessibility, creating new retail destinations, and attracting global brands, these projects are driving the evolution of Mumbai’s retail landscape. This would further the vision of Mumbai, the city in its continuous development and growth, in becoming a model for India for urban and retail development.
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